Egypt Oil & Gas newspaper (EOG) learned that North Sinai Co. For Petroleum – Nospco investments in the Mediterranean reached $ 400 million after drilling four wells Tao-1, 2, 3 and 4. The four wells are producing 180 million cubic feet of gas since the developing operations ended.
The source told EOG that the company will enter all the bids offered by the ministry in the fiscal year of 2010, and that to expand the firm’s achievements in the market.
The company is also preparing to drill two new wells in its acquisition area in the Mediterranean, to reach six wells in the blocks of Tao, Kamose, Seti Plio in a total area of 383 square kilometers.
EOG also learned that the drilling in the two wells will end by the year 2011, and their production will be sold on the concept of re-pricing of the agreements with the foreign partner, especially after finalizing the production facilities in the Romanah area to help producing 200 million cubic feet.
The company will be doing a 3D seismic survey to the wells, and will be taking the maritime environmental protection laws in mind.
It’s worth mention that North Sinai Co. For Petroleum – Nospco is a joint venture between EGPC and the French Prenco.